Copper futures up on firm global cues, spot demand

NEW DELHI, Dec 27: Tracking a firm global trend, copper futures prices today rose marginally by 0.06 per cent to Rs 439.10 per kg as speculators created fresh positions.
Besides, rising demand at spot markets also influenced metal prices.
Analysts said the rise in copper prices at futures trade was largely on the back of a firming trend at the London Metal Exchange (LME) where the metal gained the most on one month on expectations that a recovering Chinese economy would boost demand from the world’s largest metal consumer.
Further, pick up in demand at spot markets also supported the upside, they said.
At the Multi Commodity Exchange, copper for delivery in February traded higher by 25 paise, or 0.06 per cent, to Rs 439.10 per kg in business turnover of 2,940 lots.
Likewise, the metal’s prices for delivery in far-month April edged up by 35 paise, or 0.06 per cent, to Rs 443.40 per kg, with a business turnover of 102 lots.
Meanwhile, copper for delivery in three months climbed 1.7 per cent to trade at USD 7,945.10 a tonne at the LME, while on the Shanghai Futures Exchange, the metal for April delivery gained 0.6 per cent to 57,480 yuan (USD 9,217) per tonne. (PTI)


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